Many people are fascinated by Unicorns, mythical horse-like animals with a spiralling horn on its forehead, who symbolise purity, rarity and magic.
In Estonia you can meet real unicorns, companies who have achieved billion-dollar valuations. There are more of these per head of population than anywhere else on earth. Here are some on a visit to London.
In 2008, I was writing a weekly opinion column on business for the Financial Times. My brother-in-law John Beevor was an Honorary Consul for Estonia, and he introduced me to the then President, Toomas Hendrik Ilves.
My interview with President Ilves was fascinating. He explained how they were well advanced in the process of putting the entire government online. I also spoke to doctor Madis Tiik, who with his team had digitised all the country’s medical records.
In the summer of 2024, I was invited back to Estonia to see its CleanTech Industry and write further articles. I saw complex industrial processes which had been scaled from the laboratory to full commercial deployment. The Estonian brief for Clean Technology is very wide, both looking to save the planet as well as provide real competitive advantage for Estonian companies in both domestic and export markets.
There has also been significant innovation since 2008 in on-line government, particularly in the security of citizens’ digital identity and protection against cyber threats. I continue to be impressed with the world-leading entrepreneurial spirit of Estonia as well as the willingness of its government to bypass unnecessary bureaucracy, wherever possible.
I asked how I could personally help Estonia. The answer, given with a wry smile, was “perhaps to help Estonians be a little less shy”
So, I set about the task of improving the sales skills of Estonians, first to deliver simple business messages with clarity, then to have the confidence to ask potential customers for revenue. I soon delivered my first sales workshop to early-stage entrepreneurs, kindly hosted by the Ministry of Economic Affairs and Communications.
In the past year I have returned to Estonia a dozen times and seen ambition at every level: ministers, civil servants, well established companies, small companies, lone entrepreneurs and students. They all have a common purpose: to make Estonia a great place to live.
I have been a serial entrepreneur for 40 years, having worked in over 20 start-ups. I was there when both the Internet and the Web were born. In 2002 I co-authored with Chris West The Beermat Entrepreneur, which has sold over 100,000 copies in many languages. The ‘strapline’ of the book describes its purpose: turn your good idea into a great business.
Our book shows how everyone can be more enterprising, from pre-revenue dreamers to large companies looking to be more creative and faster to market. The key message in the Beermat process is that everyone should have fun while generating sustainable revenues and profits. There is also a strong moral compass running through the book: we make it clear you do not have to be evil to succeed.
Of course, the ‘pub’ references are just a metaphor. You can also generate your first ideas on a napkin in a restaurant. But I have now transferred the Beermat metaphor into an Estonian context, explaining how to get From Hell Hunt to Unicorn in 12 Simple Steps. I explain that it will involve long hours and plenty of hard work, but everything is possible if you are determined. Then, as The Beatles said, “all you need is love”.
In 2025, everyone is talking about Artificial Intelligence (AI), and Estonia is also a world leader in this area. In my opinion, AI represents a bigger entrepreneurial opportunity than both the Internet and Web combined. There are understandably concerns about the use of AI by the unscrupulous, but Estonia has always been at the forefront of facing down and overcoming the forces of evil.
I am very honoured to be featured in this book with so many outstanding Estonian organisations and companies. I have met with many of them and try to add value wherever I can. At conferences and in workshops, I play the music and show videos of The Beatles, arguably the UK’s most successful entrepreneurs. I show people the famous cover of Abbey Road, where three Beatles are wearing the colours of the Estonian flag in the same order: blue, black and white.
My LinkedIn strapline explains that I am ‘busy turning Estonians into Unicorns and helping promote them worldwide’. As well as speaking at conferences, my online promotional activity centres around my role as Chief Editor of Startup Mafia, an Estonian-based website billed as ‘your guide to the European Startup Ecosystem’.
I am not the only Briton to take note of Estonia’s CleanTech credentials. Here is our Prince of Wales, learning about the carbon capture pioneered by UP Catalyst, who are featured elsewhere in this magazine.
As well as always recommending a visit to Tallinn and its beautiful medieval city, I also enjoying telling people in the UK about Estonian Author Jaan Kross, and his books featuring real-life Estonian Balthasar Russow (1536-1600).
My definition of ‘wealth’ is not just about your money in the bank, but also includes the intangible benefits of entrepreneurial success. This features your reputation; the joy you have given people and the legacy you leave behind you.
The Magical Estonian Unicorns, including Playtech, Wise and Bolt have achieved all of this. But my suggestion is that perhaps Balthasar Russoww as Estonia’s first Unicorn. He lives forever in the hearts and minds of everyone who read Jaan Kross’ books.
Let’s discuss all this over a beer in Hell Hunt!
